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Playful newlyweds Jim and Molly Collins travel to New York on their honeymoon in a railroad car named "Happy Valley." One year later, on Christmas Eve, Jim is escorted onto the same railroad car by Deputy Russell to travel to prison, where he is scheduled to die in the electric chair on New Year's Eve. Molly tries to talk to Jim, but he rebuffs her and calls her a tramp. She boards the train, along with a varied group of other passengers, including an actor, a singer and dancer, a gold digger, a philandering husband, a detective and Tony Richards, a reporter with a bad cough who is going to a sanitarium. After Tony apologizes to Molly for his sensational account of Jim's trial, he offers to help, and she relates the true story of what happened: In the past, she tries to stop Jim's boss Grant from making advances. Grant visits her and offers an expensive present, which she refuses. He demands a drink before leaving, and after Molly complies, Jim catches them together. Thinking the worst, he threatens to kill Grant if he does not keep away from Molly. Grant fires Jim, and when Jim is unable to get another job, Molly visits Grant to try to change his mind. Jim follows her and during a fight, Grant is accidentally shot and killed. During the trial, Tony's articles, based on police evidence, portray Molly as a streetwalker, and Jim is convicted of first-degree murder. In the present, on the train, Molly explains to Tony that she fears he will go to the chair believing the articles. Tony explains the truth to Jim, who then agrees to see Molly, and they reconcile. Tony, who has tuberculosis, then devises a plan to save Jim. As the train approaches a bridge, Tony knocks out Russell and, after exchanging clothes with Jim, sends him to sit with Molly. When the train goes over the bridge, Tony jumps to his death, and everyone believes that Jim has killed himself. Molly and Jim, posing as Tony, then get off together at the sanitarium and walk to freedom.